NY housing market posts strong third quarter

The New York state housing market posted its fifth consecutive quarter of year-over-year home sales gains in the third quarter. The 3Q statewide median sales price increased by 4.4% and the number of pending sales grew for its fifth consecutive quarter, according to the New York State Association of Realtors.

NYSAR CEO Duncan Mackenzie said year-to-date home sales are up 6.2% and pending sales are up 15% compared to the year-ago period. The year-to-date median sales price of $215,000 is unchanged from a year ago.

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“As we enter the final quarter of the year, New York state’s housing market continues to move in a positive direction as closed and pending sales continue to increase compared to a year ago,” he said. “While we have a seasonal market in our state, which tends to slow down in the fall and winter months, we are positioned to exceed the 2011 closed sales total and project that we will do so.”

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The state reported 27,203 closed sales in 3Q, up 4.6% from the year-ago period. The year-to-date closed sales reached 69,144, an increase of 6.2% from the same period last year.

“There are many positives in the 2012 housing market for buyers who are seeking to move into their new home before the end of the year including all-time low mortgage rates, which were driven even lower by the Fed’s recent mortgage purchases,” said MacKenzie. “Sellers also continue to see improvements as they received nearly 95% of their list price in the third quarter, aided by shrinking inventory levels.”

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Commentary

With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.